Internet security experts warn caution as India takes the cashless route. India’s shift towards becoming a digital economy, like any major world event, is a big opportunity for cyber criminals to find vulnerabilities.

Shadma Shaikh & Payal Ganguly spoke with security experts to find what risks are involved in the transition to a cashless India. The following are some ways the security of your transactions could be compromised:

CARD TRANSACTIONS

Point-of-Sale (POS) Machines- Unauthorised POS devices can copy the details of credit and debit cards while swiping them in the machines- Compromised devices can replicate cards- The internet network that PoS devices use can be hacked to get details

ATMS- Hackers can use malware-infected debit and credit cards to take control of an ATM network, causing the ATM to spit out cash- Installation of fake micro ATMs can be used to capture card details for use later- Crooks can take advantage of first-time ATM users under the pretext of helping them transact at ATMs

ONLINE TRANSACTIONS

Marketplace transactions- Saving card details on marketplaces can expose customer info in case of a breach- Cyber-attacks on marketplaces can give hackers access to customers’ personal info as well as details such as on merchant and vendor payments

Digital wallets- Online wallets are easy targets for attackers. Since wallet transactions are of smaller amounts, many wallets do not use very advanced security measures, making them vulnerable to attacks- Many wallet apps keep their users signed in on their wallet accounts, leaving just a single layer of authorisation for a hacker to get through

SECURE YOUR TRANSACTIONS

Online transactions- Avoid saving card data online- Pay online using OTPs- Before entering details on any website, ensure it is a secure link. Web address should begin with ‘https’- Avoid using personal info such as birthdate/names for passwords- Avoid using card-on-delivery option with new online retailers. It is safer to use digital wallets for payment at delivery

Mobile security- Use password manager apps that generate random passwords- Do not use the same password for digital wallets and netbanking- Log out of digital wallets once a transaction is completed- Avoid installing third-party apps on your phone that pop up during ads- Activate mobile tracking to wipe out data remotely in case of device theft

Subscribe ETCIO Newsletter

As the Special Chief Secretary & IT Advisor to the Chief Minister - Govt. of Andhra Pradesh, J A Chowdary is all for chasing new growth horizons, pursuing radically different development approaches and outguessing technology trends that will shape the future.

As the Special Chief Secretary & IT Advisor to the Chief Minister - Govt. of Andhra Pradesh, J A Chowdary is all for chasing new growth horizons, pursuing radically different development approaches and outguessing technology trends that will shape the future.